On-demand ERP vendor NetSuite delivered a solid second quarter that met earnings expectations. The company also touted a large customer win.
NetSuite reported a second quarter net loss of $9.8 million, or 15 cents a share, on revenue of $57.8 million, up 23 percent from a year ago. Non-GAAP earnings were 2 cents a share. Wall Street was looking for earnings of 2 cents a share on revenue of $55.91 million.
By the numbers:
- Support and subscription revenue was $48.2 million.
- Billings in the second quarter were $62.6 million, up 30 percent from a year ago.
- NetSuite generated cash flow of $8.4 million, up from $4 million a year ago.
Overall, NetSuite CEO Zach Nelson touted customer wins such as Groupon and Qualcomm. Nelson also said it signed its largest recurring deal in the second quarter with a 45,000 employee global company.
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- Groupon becomes must have SaaS reference customer for NetSuite, Salesforce.com
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- NetSuite steps up large enterprise push: Lands Qualcomm, Groupon, partners with Accenture